MG3 Developer Acquires Doral Concourse From DRA Advisors For $96 Million
The Aventura-based MG3 Developer has acquired Doral Concourse from DRA Advisors for $96 million. The price equates to roughly $399 PSF and the asset was 95% leased at the time of sale. Tenants include General Mills, Greenberg Traurig, Starboard Cruise Services and Onboard Media.
The Aventura-based MG3 Developer has acquired Doral Concourse from DRA Advisors for $96 million. The price equates to roughly $399 PSF and the asset was 95% leased at the time of sale. Tenants include General Mills, Greenberg Traurig, Starboard Cruise Services and Onboard Media. DRA Advisors was represented by Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Gordon Messinger of CBRE in the transaction.
The 245,803 SF office property was developed in 2001 and sits on 5.2 acres located at 8400 NW 36th St. DRA Advisors acquired the six-story property in 2014 for $54,186,668 as part of a six-property portfolio they acquired for $131.7 million.
For more information about commercial sales or leasing in Doral, private showings or availability/ pricing information please fill out the form below:
Carlos Mattos And Family Acquire Waterway Shoppes of Weston For $20.45 Million
An entity tied to the Mattos family, led by Carlos Mattos and his children, Nicolas and Isabella Mattos, have acquired the Waterway Shoppes of Weston for $20.45 million, roughly $501 per square foot. Waterway Shoppes of Weston was developed in 1999 and was acquired by the seller, Waterway Ventures LLC, an entity tied to Fondo Atlas and Dylan Fonseca, for $15.3 million in May 2015.
An entity tied to the Mattos family, led by Carlos Mattos and his children, Nicolas and Isabella Mattos, have acquired the Waterway Shoppes of Weston for $20.45 million, roughly $501 per square foot. Waterway Shoppes of Weston was developed in 1999 and was acquired by the seller, Waterway Ventures LLC, an entity tied to Fondo Atlas and Dylan Fonseca, for $15.3 million in May 2015. The property was listed with Kirk Olson and Drew Kristol of Marcus & Millichap for $20.65 million. Gordon Messinger of Cushman & Wakefield represented the buyer in the transaction. The acquisition was financed with a $9.98 million CMBS loan provided by Deutsche Bank.
Waterway Shoppes of Weston is located at 2210-2282 Weston Rd. and spans 40,848 square feet on 4.95 acres of land. Tenants include AT&T, Hooters, Lucille’s American Café, Chill-N Nitrogen Ice Cream, Cyclebar, BankUnited, Lucille’s American Café, Baires Grill and Pearl Vision Center.
East End Capital & Related Group Secure $136 Million In Refinancing For Wynwood 25 & Wynwood Annex
Partners East End Capital and The Related Group closed on $136 million in financing for its a master-planned, mixed-use developments Wynwood 25 and Wynwood Annex. The financing was provided by Blackstone Real Estate Debt Strategies and is being used to fully satisfy the construction loans for both projects and return equity to the partners. Completed in June 2019, the nine-story building is already nearly 90% leased.
Partners East End Capital and The Related Group closed on $136 million in financing for its a master-planned, mixed-use developments Wynwood 25 and Wynwood Annex. The financing was provided by Blackstone Real Estate Debt Strategies and is being used to fully satisfy the construction loans for both projects and return equity to the partners. Completed in June 2019, the nine-story building is already nearly 90% leased.
“This financing is a significant milestone for Wynwood 25 and the Annex as it officially marks the completion of these pioneering Wywnood developments,” said Jonathon Yormak, of East End Capital. “We thank our partners for their support.”
Approximately $110 million of the loan was used for Wynwood 25, Wynwood’s first purpose-built, rental community, which adds 289 rental units ranging from 400 SF studios to three-bedroom apartments to the market. Designed by architect Kobi Karp, with interiors by Meshberg Group, Wynwood 25 features amenities such as a 24/7 concierge, valet parking, electric car charging stations, pet grooming spa, rooftop lounge and kitchen, library with co-working space, state-of-the-art fitness room with virtual spinning studio, and a heated resort-style pool with a sunbathing deck area that looks down on the world-famous Wynwood Walls. Wynwood 25 also features 28,518 SF of retail space, featuring ice cream shop, Salt & Straw, and acclaimed Austin-based Japanese powerhouse, Uchi, expecting to open in the Spring 2020.
“Wynwood 25 and the Annex ushered in a new era for Miami’s most popular neighborhood, and the response from renters, tenants and the Wynwood community has been overwhelmingly positive,” said Jon Paul Perez, executive vice president for Related. “We look forward to continuing to bring these kinds of thoughtfully designed properties to Wynwood as it grows and evolves.”
Nearly $26 million of the refinancing loan was utilized for The Wynwood Annex, the second component of the mixed-use development. The Annex is a 60,000 SF, Class-A office building, geared towards TAMI tenants, such as Live Nation, that has already moved into its full floor space at the building. The Annex boasts loft-like office space with soaring ceilings and private outdoor space, individually sized floor plans, and on-site parking. Other features include a 4,429 SF ground-floor retail component as well as a communal rooftop terrace with outdoor seating.
Apartment leasing at Wynwood 25 is being managed by The Related Group. Retail leasing at Wynwood 25 and Wynwood Annex is being handled by Richard Skulnik at RIPCO. Office leasing at Wynwood Annex is led by the team of Gordon Messinger and Ericka Witkowski of Cushman & Wakefield.
Ytech has unveiled 75 Broadway in Brickell: a 52-story collection of 106 homes from $3 million, designed by KPF with ACPV interiors and Enea landscapes. Completion is anticipated in late 2029.